The securities will be giving holders semi-annual distributions in arrear at a fixed rate of 3% per annum.
Oversea-Chinese Banking Corporation (OCBC) has priced $200 million perpetual capital securities first callable in 2030 as a private placement under its US$30 billion ($41.06 billion) Global Medium Term Note Programme.
The securities may be redeemed at the option of the bank on the first reset date of Sept 30, 2030 or any distribution payment date after that. It may also be redeemed upon the occurrence of a tax event, or if the capital securities would no longer qualify as eligible capital. The terms may be varied subject to the approval of the Monetary Authority of Singapore (MAS).
